New Research Reports

Vijaya’s Q4FY25 results were a slight miss on our estimates (2%/3% on sales/EBITDA) due to industry-level headwinds (extended festivities in South India), capacity constraints in Pune centers, and gross margin contraction.

Fine Organic Industries (FINEORG) reported revenue of INR5.8b in 4QFY25. EBITDA stood at INR1.1b (28% miss; down 18% YoY). EBITDAM contracted 660bp YoY to 18.8%, while gross margin dipped 640bp YoY to 37.2%.

Jyothy Laboratories (JYL) reported 1% YoY sales growth (below our est.) in 4QFY25. Volume growth was 4% (est. 7%, 8% in 3QFY25). The gap between volume and value growth was due to higher grammage and promotional price subs in select categories.

Alkyl Amines Chemicals (AACL)’s 4QFY25 revenue increased 8% YoY to INR3.9b. The growth was mainly volume-driven, though the company continues to face pricing pressure.

BCORP’s 4QFY25 earnings were above our estimates, driven by higher-thanestimated volume and realization. EBITDA grew ~13% YoY to INR5.3b (~50% beat).

Triveni Turbine (TRIV)’s 4QFY25 results came in line with our expectations. For FY25, domestic order inflows were up 29% YoY, boosted by one-time large order inflow worth INR2.9b.

During Q4FY25, Alembic Pharma’s revenue stood at INR 17,696 Mn, up by 16.7% YoY (+4.5% QoQ), above our estimates by 11.6% driven by strong growth traction in the USA and Ex-USA segment. EBITDA stood at INR 2,719 Mn., up by 4.6% YoY (+4.5% QoQ), sharply above our estimates led by 34.7% led by higher-than-expected revenue and higher operating leverage.

Archean chemical revenue for Q4FY25 stood at INR 3,456 Mn, up 21.7% YoY (+42.6% QoQ), above our estimates by 19.5%, led by sharp recovery in industrial salt volumes following the resolution of logistics issues.
EBITDA came in at INR 883 Mn., up 1.3% YoY (+10.4% QoQ). EBITDA missed our estimates by 8.7% despite sharp recovery in revenue, driven by higher-than-anticipated other expenses offset by higher gross profit.

Sonata posted a weak operating performance in International IT Services (IITS) in Q4. IITS revenue declined 7.2% QoQ CC, below our expectations. The decline was majorly attributed to higher-than-expected ramp down at a large TMT client, along with Quant seasonality.

MGL’s Q4FY25 SA adj EBITDA/APAT of Rs3.2/2.1bn missed our estimates by 5%/6% due to 5% higher unit opex. EBITDA/scm of Rs8.3 was hence 5% below estimate and flat QoQ.

Sapphire’s Q4 EBITDA was in line with our muted expectations. Overall/India revenue grew 13%/10%, largely led by store additions in India and a ~31% growth rebound in Sri Lanka.

We maintain our BUY recommendation on the stock.

We change our rating on the stock from BUY to HOLD.

We maintain our BUY rating on the stock.

Revenue/EBITDA/ PAT grew 6.7%/8% and 19% above our estimates. EBITDA margin reported 20bps above estimates of 15.4% in 4QFY25

Weak Q4 on soft demand environment and margin pressure in tile segment; ceased plywood operations due to continued losses